The process of buying a new construction home is slightly different than when you’re purchasing an existing home or resale. You’ll have to make a more comprehensive estimate of your budget and gather plenty of information so you can make well-informed decisions.
There are many home buyers who prefer new construction homes over existing homes due to the advantages they offer. A new construction home gives you greater flexibility, as you’ll be able to request customizations from the builder to meet your needs and preferences.
If you’re in the market for new construction homes in Monroe, NY, here are some important questions to ask before taking the next step:
Who’s building the home?
Gathering more info on the builder is one of the most important steps when looking for a new construction home. Nowadays, almost all home builders have a website where you can take a look at their previous work or read testimonials from former clients.
In case they don’t have a website however, you should try to get information from other sources. Try to contact previous customers, or find out everything you need to know from the builder itself. Remember that you’re about to spend a lot of money on a home, so knowing as much as possible about the company behind its design and construction a must.
How much will it cost?
When you’re buying an existing home, estimating how much it will cost is relatively straightforward. With new construction homes, however, the final cost usually depends on what you want to have. Builders typically offer a standard package that covers the cost of the home as well as several standard fitments.
In case you request additional options on top of the standard package, rates will change. It’s a smart move to get a comprehensive quote that covers all of the additional options or extra equipment you will need to apply the change. Don’t be afraid to ask questions, as it’s important for you to fully understand everything included with the base package.
How long will it take to build?
While it’s true that building a new home from the ground up can be a time-consuming process, that doesn’t mean a builder should take too much time to complete your home. Looking into their proposed construction schedule will help you plan more efficiently, especially if you’re buying the home as an investment property which you’ll rent out eventually.
Delays during construction are sometimes unavoidable, but your builder should give you a general idea of the project’s duration.
Will you be able to get financial incentives for the project?
You could get financial incentives from if you’re getting a mortgage from a builder’s company or an associated company. These incentives might be in the form of lower interest rates, discounts on closing costs, or longer repayment periods.
Incentives are usually offered by many builders in order to attract more new construction homebuyers. Before making a decision on where to get a loan, find out which builders offer the best incentives, so you can save money on the project.